Daijiworld Media Network – Bengaluru

Bengaluru, Dec 9: Swiggy’s Rs 10,000-crore qualified institutional placement (QIP) opened on Tuesday, a day after shareholders overwhelmingly approved the fundraising plan with 99.47% votes in favour during the extraordinary general meeting. With 76.40% participation, the company received a clear mandate to proceed with its largest equity raise since going public.

The fund infusion comes as Swiggy looks to strengthen its balance sheet amid intensifying competition in the quick-commerce market, where Blinkit and Zepto are aggressively expanding operations. The company aims to channel fresh capital into food delivery, Instamart, and emerging verticals.

This marks Swiggy’s first major fundraising since its November 2024 IPO, through which it had collected Rs 4,500 crore at Rs 390 per share. By the September 2025 quarter, over 80% of those proceeds had been utilised, mainly to support Instamart’s expansion and cover operational losses. At Monday’s closing price, the QIP is expected to dilute equity by over 10%.

The timing of the QIP aligns with heightened capital expenditure across the sector. Blinkit has already raised Rs 2,100 crore in 2025, while Zepto picked up $450 million in its latest round. Swiggy, meanwhile, reported a cash burn of Rs 740 crore in the September quarter — higher than Zomato-owned Blinkit’s Eternal division.

Swiggy stated that the QIP funds will be used to fortify its financial position, boost growth initiatives, and expand investments across its ecosystem. The company has also recently monetised its stake in Rapido, adding to its liquidity ahead of the institutional offering.